Not many of you will read this as it’s not a buy now sell now signal, but it’s valuable information. We have been actively following and trading XAUUSD for the past 6 days. Our honest opinion is that just simply by checking the daily chart, we can see that gold has no direction. XAUUSD for the past 6 days, has been ranging. Also known as “the money drainer”. As we are entering the new business month, volume is lower than expected. What can we expect on gold? What is next?
Two main KL’s (Key Levels) we have to look out for are breaks below 2624 and breaks above 2650.
- Breaks above 2650, we could see 2678.
- Breaks below 2624 we could see 2604 and 2590.
For now we will be waiting for breaks of those levels and not force a trade. Stay patient and live to trade another day.
We will be focusing on other pairs, we have just published an analysis for CADJPY which is running in profit as we speak. We will also take a look at EURUSDGBPJPY and GBPUSD